Discounted Cash Flow (DCF) Analysis Unlevered

CHS Inc. (CHSCP)

$28.2465

-0.06 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 5,875.86 | 28.2465 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 32,683.3531,900.4528,406.3738,448.0347,791.6753,323.9859,496.7066,383.9774,068.5082,642.59
Revenue (%)
EBITDA 1,299.081,526856.881,155.381,925.032,005.832,238.022,497.092,786.153,108.67
EBITDA (%)
EBIT 821.03984.49306.63619.881,149.611,140.641,272.681,4201,584.381,767.79
EBIT (%)
Depreciation 478.05541.51550.25535.50775.42865.18965.341,077.081,201.761,340.88
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 450.623,895.183,770.914,082.27793.964,174.514,657.755,196.935,798.526,469.75
Total Cash (%)
Account Receivables 2,460.402,731.212,285.243,093.083,844.764,289.824,786.415,340.485,958.686,648.46
Account Receivables (%)
Inventories 2,768.652,854.292,742.143,334.673,652.874,627.285,162.935,760.596,427.437,171.46
Inventories (%)
Accounts Payable 1,844.491,931.411,724.522,616.053,063.313,304.253,686.744,113.514,589.695,120.99
Accounts Payable (%)
Capital Expenditure -355.41-443.22-418.3628.0155.21-401.12-447.56-499.37-557.17-621.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.2,465
Beta 0.000
Diluted Shares Outstanding 12.29
Cost of Debt
Tax Rate 7.25
After-tax Cost of Debt 4.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.513
Total Debt 2,565.53
Total Equity 347.15
Total Capital 2,912.68
Debt Weighting 88.08
Equity Weighting 11.92
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 32,683.3531,900.4528,406.3738,448.0347,791.6753,323.9859,496.7066,383.9774,068.5082,642.59
EBITDA 1,299.081,526856.881,155.381,925.032,005.832,238.022,497.092,786.153,108.67
EBIT 821.03984.49306.63619.881,149.611,140.641,272.681,4201,584.381,767.79
Tax Rate -15.59%-1.75%-9.49%-7.42%7.25%-5.40%-5.40%-5.40%-5.40%-5.40%
EBIAT 949.071,001.72335.74665.901,066.251,202.261,341.431,496.721,669.971,863.29
Depreciation 478.05541.51550.25535.50775.42865.18965.341,077.081,201.761,340.88
Accounts Receivable --270.81445.97-807.84-751.68-445.06-496.59-554.07-618.21-689.77
Inventories --85.64112.15-592.54-318.20-974.41-535.65-597.66-666.84-744.03
Accounts Payable -86.93-206.90891.54447.26240.94382.50426.77476.18531.30
Capital Expenditure -355.41-443.22-418.3628.0155.21-401.12-447.56-499.37-557.17-621.67
UFCF 1,071.71830.50818.85720.571,274.27487.781,209.471,349.481,505.691,679.99
WACC
PV UFCF 468.791,117.151,197.951,284.601,377.52
SUM PV UFCF 5,446.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.05
Free cash flow (t + 1) 1,713.59
Terminal Value 83,589.85
Present Value of Terminal Value 68,539.84

Intrinsic Value

Enterprise Value 73,985.86
Net Debt 1,771.58
Equity Value 72,214.28
Shares Outstanding 12.29
Equity Value Per Share 5,875.86